@sharongooner wrote:
Funny you saying that but there payback rates are pretty good, despite the high interest.
The people who tend to borrow from them are not in nearly as much debt as others who use banks.
And even when taken to court they are the ones who settle there judgements, as it is more likely to be the only debt they have.
Look at the higher borrowers and irresponsible lending banks before you frown on the doorstep borrowers and start accusing them of hiking up interest rates or anything else :wink:
Most provvy borrowers borrow for xmas, pay that off and then get another one out for other purchases. You cant borrow more than £1000 (I think) without wage and credit checks.
Banks could probably take a leaf out of their books, they might get a more honest opinion of who they are lending to then, rather than relying on a computer generated yes or no.
I spoke to my friends husband Geoff about this… I used to be quite repulsed by his job, I came to the conclusion that not having these agents around may make “poor” people go elsewhere for the money. I would never take a loan off these people and thankfully never needed too.